Top executives at the U.S. Chamber of Commerce were among those to share their concerns about the DOL’s upcoming re-release of its fiduciary rule with Labor Secretary Thomas Perez and National Economic Council Director Jeffrey Zients.
In a letter last week, two chamber leaders highlighted concerns with the DOL's reliance on prohibited transaction exemptions to “mold” the definition of fiduciary under the Employee Retirement Income Security Act, as well as the DOL’s attempts to regulate rollovers.
The players in the debate over the rule have been waiting for the DOL to send it to the Office of Management and Budget for analysis since late January.
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2024. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
